Record Keeping

Compton Accounting

April 28, 2015

At Compton Accounting we get a lot of questions regarding how long our customers should keep their tax documents. If you look at some resources they will tell you to save up to 3 years. However, Compton Accounting recommends that you save up to 7 years, and here is the reason why.

According to the time period to file a claim for a credit or refund is generally 3 years from the date the original tax return was filed ( or the due date for filing the return if the return was filed before that date), or 2 years from the date the tax return was paid, whichever date is later. However, if you would need to file a claim for an overpayment resulting from a bad debt deduction or a loss from worthless securities, you must make the claim 7 years from when the tax return was due.

Now if you don't have the space to save 7 years worth of tax documents Compton Accounting would be happy to set you up a portal so you don't have so much paper to store. All you have to do is call Compton Accounting at 309-484-8888 and ask for Laura. She will set you up with a portal and upload all of your tax documents we have on file in there for you. Then you can access your information anytime you want to access it.

Something to also keep in mind. If you are destroying ANY tax documents, please destroy them properly. They need to be shredded so none of your information can be stolen. A tax return is a perfect road map for an identiy theif to steal your information.

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